- Mitsubishi UFJ Financial Group is getting ready to release a cryptocurrency, but the project has now been postponed to a later date.
- The plan from Japans biggest bank hasn’t been shy when it comes to the project either.
Reports have surfaced this week that the Mitsubishi UFJ Financial Group (MUFG) is getting ready to release a cryptocurrency, but the project has now been postponed to a later date.
The plan from Japans biggest bank hasn’t been shy when it comes to the project either. The firm is going to be using the digital currency in a mobile payments business. According to local reports, the mobile payment service will start utilising the new digital coin as a unit of transactions that will be shown off hand in hand in partnership with the HR company, Recruit Holdings.
Users will now be able to convert their money they have pocketed away in their bank accounts into the MUFG coin, thanks to this new service.
So recipients of the cryptocurrency will be able to convert the digital currency to the countries native fiat currency, the Yen. But they aren’t limited to just that as they can convert it to any other fiat currency too. The bank accounts will not necessarily have to be held at MUFG.
As per CoinTelegraph:
“The mobile payment service is expected to be launched in next year’s first half. Currently, the two firms are awaiting regulatory approval. They are seeking a fund transfer service provider license.”
François Villeroy de Galhau, the bank's governor earlier stated in his speech that the bigger players in the space of payments are where the "centre of gravity" is at, especially for such an emerging industry. Because these big companies are based in other areas, the introduction of players outside of the banking sector could threaten the overall power of Europe.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!